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Jan 15, 2013
01/13
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 16, 2013
01/13
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Jan 17, 2013
01/13
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that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross domestic product. you can see right in the middle of that graph, in 2012, the gross debt of the united states has now reached 104%. why does that matter? the best academic research, a book by rogoff of harvard, reinhard, the university of michigan i think she was when she did the study, look at 200 use of economic history. and concluded once you get a gross debt of more than 90% of your gross domestic product, your future economic prospects are dramatically reduced. future economic growth is reduced anywhere from 25 to 33%. so these are not just numbers
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross...
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Jan 17, 2013
01/13
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impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
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Jan 16, 2013
01/13
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we have a training deficit in this country. we need to combine training programs and do a better job. are we going to hurt that effort? that's what's at stake here when the republicans say, just cut regardless. they had no reason to remember yesterday to cut all discretionary notary public defense discretionary programs, and i think sadly a hundred and some republicans, i think, 50 voted for willie-nilly across the board. doesn't matter what it is. that's not the way we proceed. >> host: was this the amendment to the sandy relief bill? >> guest: it was. >> host: and it failed, 70 republicans joined about 188 democrats to beat back that amendment put forth. on the tax side of the ledger, deductions and loopholes is what folks are talking about. when you say "balanced approach qtle, spending cuts, and deductions and loopholes and things like that. what are the big ones that would bring in the most revenue? >> guest: well, we've talked about the itemized deductions and they include mortgage interests, charitable contributions, ect
we have a training deficit in this country. we need to combine training programs and do a better job. are we going to hurt that effort? that's what's at stake here when the republicans say, just cut regardless. they had no reason to remember yesterday to cut all discretionary notary public defense discretionary programs, and i think sadly a hundred and some republicans, i think, 50 voted for willie-nilly across the board. doesn't matter what it is. that's not the way we proceed. >> host:...
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Jan 18, 2013
01/13
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my question is regarding the debt and deficit issues of the united states. do you think how the united states can do spending cuts properly, but minimize effect on economic growth at the same time? thank you. >> you know, the obvious response to that is timing. spending cuts are necessary, it's obvious. they should be anchored in the medium term. they should be sufficiently solid as to remove the uncertainty around them, and they should clearly touch on entitlements among other things. >> perhaps we can take maybe two more questions. let's go to the front here. >> front row. >> front, thank you. >> hello, i'm mike from greece, but i have a question not on greece, but -- [inaudible] >> traveling south. >> yeah. they don't want the imf to participate in the program. can you tell us why two months after the statement that you issued in november, we have no deal yet between cypress? thank you. >> you know, we -- the imf has been engaged, and we have, indeed, sent the mission on the ground, and we have had a dialogue with the cypress authorities. the building blo
my question is regarding the debt and deficit issues of the united states. do you think how the united states can do spending cuts properly, but minimize effect on economic growth at the same time? thank you. >> you know, the obvious response to that is timing. spending cuts are necessary, it's obvious. they should be anchored in the medium term. they should be sufficiently solid as to remove the uncertainty around them, and they should clearly touch on entitlements among other things....
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Jan 14, 2013
01/13
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but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we know what the program is. it's funded questionable projects as doggy daycare center in ohio, and a day at the circus in new york. the omb has repeatedly warned us that the program is in their words, ineffective. that is the bureaucracy's polite term for programs where they cannot trace the funding and cannot show any kind of effectivenesses. the legal authorization for this program expired in 1994, by this measure. as i said country triples. $2 billion is for road repair. including as he pointed out up to $20 million in guam the islands, and american samoa that aren't in the same ocean as hurrican
but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we...
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Jan 19, 2013
01/13
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cities cannot and budget deficits. what happens when you something like the great recession quite cities all over the country having to scale back because they can't run budget deficits. exactly which you don't want to do a scaled-back local employment during the economic downturn. this is a huge thing. the department of justice program provides grants to local law enforcement to hire more police. the program could easily be 20 or 30 times its billion dollars a year size. it would be one of the most productive things the federal government could do to make progress in this area. >> we agree. i think what the professor just outlined in the latter part of what he said is go after illegal gun markets. were talking about people balanced or selling guns to felons, people engaged in gun sales that are illegal under any interpretation of the law and go after criminal people with records who are carrying guns illegally. that's been done in cooperation in chicago. i think the important thing is to find ways to go after the crim
cities cannot and budget deficits. what happens when you something like the great recession quite cities all over the country having to scale back because they can't run budget deficits. exactly which you don't want to do a scaled-back local employment during the economic downturn. this is a huge thing. the department of justice program provides grants to local law enforcement to hire more police. the program could easily be 20 or 30 times its billion dollars a year size. it would be one of the...
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Jan 19, 2013
01/13
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cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make progress in this area. >> we agree 18 what the professor outlined in the latter part of what he said is to go after illegal gun market among law-abiding people. we're talking about felons on gun violence from the people engaged gun sales illegal under any interpretation of the law. and go after people with records carrying guns illegally. that's been done in cooperation with u.s. attorney in chicago. it's been reasonably good. they think the important thing is to find ways to go after criminals here. what i'm afraid we're going to do things the assault weapons magazine is to do things that have an e
cities all over the country having to scale back if they can't find the budget deficit. that's what you don't want to do this, local employment during an economic downturn. >> even the fiscal cliff to be right about now. >> this is a huge thing. justice program provides grants to law enforcement to hire more police. that program could easily be 20 or 30 times its billion dollars figure size. it would be one of the most productive things the federal government could do to make...
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Jan 18, 2013
01/13
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that if you inadd veer -- inadvertently did not disclose information, you are put at a credibility deficit with the public, and sometimes it is hard to dig out of that. it is very difficult for organizations, especially in a crisis response, to think about just releasing the information before it's asked for and remove that deficit. i've been involved in several situations where the information was available and the information was understandable and probably mitigated some of the concerns, but because of the way the companies in the government work, it was difficult to make that transparent and then catching up with that with the american public is really, really difficult. nancy and marcia, we had talked about this with jay a lot. one of the problems we have in mental anguishing impacts -- measuring the impacts of the spill in the gulf is the lack of the background of the presence of hydrocarbons as a baseline for understanding there had been a change. in the context of moving beyond the direct aims of the research that's going to be conducted with the bp money, what do you think the lar
that if you inadd veer -- inadvertently did not disclose information, you are put at a credibility deficit with the public, and sometimes it is hard to dig out of that. it is very difficult for organizations, especially in a crisis response, to think about just releasing the information before it's asked for and remove that deficit. i've been involved in several situations where the information was available and the information was understandable and probably mitigated some of the concerns, but...